Bill Text: NY A06886 | 2019-2020 | General Assembly | Introduced

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Bill Title: Enacts the "homeowner mortgage refinance relief act"; exempts from a local mortgage tax or recording tax mortgagors who are refinancing real property; provides that the commissioner shall promulgate rules and regulations to establish grounds for qualifications, proof and procedure necessary for a mortgagor to obtain such an exemption.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A06886 Detail]

Download: New_York-2019-A06886-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6886
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     March 25, 2019
                                       ___________
        Introduced by M. of A. KIM -- read once and referred to the Committee on
          Ways and Means
        AN  ACT  to  amend  the  tax law, in relation to enacting the "homeowner
          mortgage refinance relief act"
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Short title.  This act shall be known and may be cited as
     2  the "homeowner mortgage refinance relief act".
     3    § 2. The tax law is amended by adding a new section 253-y to  read  as
     4  follows:
     5    § 253-y. Exempt municipal mortgage tax for refinances. 1.  Every muni-
     6  cipality  which has enacted a local mortgage tax or recording tax pursu-
     7  ant to the provisions of this article shall grant an exemption up to the
     8  amount of the original mortgage from such tax  where  the  mortgagor  is
     9  refinancing his or her real property.
    10    2. The commissioner shall promulgate necessary and advisable rules and
    11  regulations to establish grounds for qualifications, proof and procedure
    12  necessary for a mortgagor to obtain such exemption.
    13    §  3.  This act shall take effect immediately.  Effective immediately,
    14  the addition, amendment and/or repeal of any rule or  regulation  neces-
    15  sary  for  the  implementation  of  this  act  on its effective date are
    16  authorized to be made and completed on or before such effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06294-01-9